NASHVILLE, TN - Berkshire Group, a real estate investment management company known for its multifamily investment and operational experience, announced that an affiliate of the company has acquired Artisan on 18th, a 153-Unit, Class A apartment community in Nashville, Tennessee that was completed this year.
Specific financial terms of the transactions were not disclosed. This is the second Nashville property in Berkshire’s portfolio joining Wyndchase at Aspen Grove in Franklin.
“The acquisition of Artisan demonstrates Berkshire’s investment philosophy, focusing on newly constructed properties in targeted submarkets with favorable growth prospects and strong underlying fundamentals. Artisan is located within a micro location of major healthcare, education, music, technology and government employers, providing a key competitive advantage,” said Eric Draeger, Managing Director, Head of Transactions. “Nashville is forecasted to experience solid population and employment growth over the coming years, with an influx of young, well-educated professionals providing solid employment opportunities.”
Artisan on 18th is situated in the Music Row neighborhood, a vibrant urban location that offers walkability to some of the most sought-after retail, dining and entertainment in Nashville. The Music Row neighborhood is in the center of the city and in close proximity to Vanderbilt University, the medical district, the State House, Convention Center, Bridgestone Arena and Honky Tonk Row in Downtown. The community is newly constructed and comprised of one, five-story wood frame building with subterranean parking. Community amenities include two outdoor courtyards featuring a water feature, grills, fire pits and an outdoor television. Indoor amenities include a resident lounge, business center, television room, fitness center, bike storage, and mail room. Artisan apartments feature 9’ ceilings, espresso hardwood cabinets, granite counters, stainless sinks, black full-size Whirlpool appliances, full-size washer and dryers, ceiling fans and wood-like finish flooring in kitchen and living areas.
The property was developed and sold by Stonehenge Real Estate Group, who partnered with an equity syndicate including private investors and New York-based Bluerock Real Estate. The property will be managed by Berkshire Communities, the property management subsidiary of Berkshire Group. As of June 30, 2015, Berkshire Group through its property management arm, Berkshire Communities, managed approximately 26,000 units nationwide.